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Flatter On Tuesday, Cash Closed Until London

US TSYS

TYZ2 operates a touch above Tuesday’s late levels, but shy of the NY session top, last +0-01 at 112-20+. A reminder that today’s Japanese holiday means that cash Tsys are closed until London hours.

  • Tsys firmed on Tuesday, with the major benchmarks running 2-7bp richer at the bell, as the curve bull flattened, allowing the 2-/10-Year yield spread to register another fresh extreme when it comes to the level of inversion witnessed.
  • An increase in COVID-related restrictions across some of the major Chinese cities would have aided the flattening momentum.
  • Elsewhere, receiver side flow in swaps seemed to aid the richening.
  • A wide tail (coupled with a cover ratio that fell further below the recent average as dealer takedown moved further above its own recent average) for the latest 7-Year Tsy auction limited the bid in the immediate aftermath of that particularly offering, before fresh demand became apparent into the close.
  • Looking ahead, the latest RBNZ monetary policy decision headlines the Asia-Pac docket on Wednesday.
  • Further out, the minutes from the latest FOMC decision headline the pre-Thanksgiving NY docket. We will also get flash PMI data, durable goods, new home sales, MBA mortgage applications, weekly jobless claims and the final UoM survey for Nov.
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TYZ2 operates a touch above Tuesday’s late levels, but shy of the NY session top, last +0-01 at 112-20+. A reminder that today’s Japanese holiday means that cash Tsys are closed until London hours.

  • Tsys firmed on Tuesday, with the major benchmarks running 2-7bp richer at the bell, as the curve bull flattened, allowing the 2-/10-Year yield spread to register another fresh extreme when it comes to the level of inversion witnessed.
  • An increase in COVID-related restrictions across some of the major Chinese cities would have aided the flattening momentum.
  • Elsewhere, receiver side flow in swaps seemed to aid the richening.
  • A wide tail (coupled with a cover ratio that fell further below the recent average as dealer takedown moved further above its own recent average) for the latest 7-Year Tsy auction limited the bid in the immediate aftermath of that particularly offering, before fresh demand became apparent into the close.
  • Looking ahead, the latest RBNZ monetary policy decision headlines the Asia-Pac docket on Wednesday.
  • Further out, the minutes from the latest FOMC decision headline the pre-Thanksgiving NY docket. We will also get flash PMI data, durable goods, new home sales, MBA mortgage applications, weekly jobless claims and the final UoM survey for Nov.